In the most recent Q3 2025 13F filing, Tom Gayner’s Markel Group Inc. reported a portfolio valued at $12.32 billion, with the top ten holdings accounting for 40.89 % of total assets. A disciplined capital allocator known for his long-term, quality-at-a-fair-price philosophy, Gayner maintained a largely stable portfolio this quarter, with only a few measured trims and several complete exits.
Top Reductions This Quarter
Archer-Daniels-Midland Co (ADM) – ↓ 4.32 % (Food & Agriculture)
Markel trimmed 68,000 shares, bringing its position to 1.51 million shares worth about $89.96 million. The modest cut likely reflects position-sizing discipline following a volatile commodities cycle and ongoing margin pressures in agribusiness.
IQVIA Holdings Inc (IQV) – ↓ 5.52 % (Healthcare Services)
The fund sold 2,742 shares, reducing its stake to 46,900 shares valued at $8.9 million. The move may signal a cautious approach toward contract-research-organization valuations after strong multi-year performance across healthcare data analytics names.
The rest of the portfolio—including major stakes in Berkshire Hathaway A & B shares, Alphabet, Brookfield, Amazon, and Apple—remained unchanged, reinforcing Gayner’s conviction in a concentrated group of durable compounders spanning insurance, technology, and global consumer platforms.
Full Exits This Quarter
Markel Group fully exited several long-held but smaller positions, reflecting ongoing pruning of the tail end of the portfolio:
- 3M Co (MMM) – 118,250 shares sold
- O-I Glass Inc (OI) – 473,700 shares sold
- Celanese Corp (CE) – 81,300 shares sold
- Graphic Packaging Holding Co (GPK) – 174,000 shares sold
- Ball Corp (BALL) – 51,000 shares sold
- Willis Towers Watson ( WTW ) – 8,627 shares sold
- Gartner Inc (IT) – 5,700 shares sold
- Intuit Inc (INTU) – 2,720 shares sold
- CoStar Group Inc (CSGP) – 18,600 shares sold
- Estée Lauder Companies (EL) – 15,000 shares sold
- Anheuser-Busch InBev (BUD) – 11,000 shares sold
Each position was reduced to zero, amounting to 100 % sales across a diverse mix of industrials, chemicals, consumer staples, and technology names. The broad exit pattern suggests Gayner is narrowing focus toward his highest-conviction, wide-moat holdings, while redeploying capital into compounding businesses offering predictable cash generation.
Overall Takeaway
Tom Gayner’s Q3 2025 activity underscores his trademark patience and valuation discipline. While most of Markel’s core holdings remain untouched, selective trims and a sweep of full exits indicate continued concentration in world-class franchises with strong balance sheets and long-term reinvestment opportunities. The portfolio continues to mirror Gayner’s enduring principle: own fewer, better companies for the long run.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
